Planet Money

10:23 am

Tue May 1, 2012

In the past week, the debate over how Europe can save itself has shifted away from austerity (government spending cuts) and toward policies that would slow spending cuts and try to promote economic growth.

There have been a few big drivers of this shift. It became clear that Francois Hollande, a Socialist who says he would push for more growth in Europe, is likely to be the next president of France.

9:54 am

Tue May 1, 2012

Switching gears now to matters of personal finance, as you may know, we are celebrating TELL ME MORE's fifth anniversary on the air. We're celebrating all week long.

Now, five years may not seem like a long time, but our next guest says it's more than enough time to put a plan in place that will help you achieve your financial goals. Here to tell us more is the person we have turned to most often for insight into personal finance issues.

Media mogul Rupert Murdoch is "not a fit person" to lead a major international company, a committee of U.K. parliament members concludes today in a scathing report about the News Corp. chief and the actions of his British tabloids, NPR's Philip Reeves tells our Newscast Desk.

Business

2:37 am

Tue May 1, 2012

Wal-Mart faces many questions after The New York Times reported that the company's expansion in Mexico involved systematic bribery. It is not, however, the first corporation to face this problem.

DAVID GREENE, HOST:

Years ago, Siemens - the giant German manufacturing firm - faced an even bigger scandal. Siemens is a little like General Electric. It seems to make everything everywhere, from security equipment to locomotives.

2:37 am

Tue May 1, 2012

The last few years have not been a good time in the bookstore business, but Barnes & Noble stock is climbing after the company announced its dealings with a business partner. Microsoft is investing $300 million in Barnes & Noble. The money goes to the bookstore chain's efforts to expand in digital books and tablet computing. NPR's Wendy Kaufman reports.

Business

2:37 am

Tue May 1, 2012

Many older baby boomers — those already 65 — are choosing to go ahead with retirement rather than wait. That's according to a study by MetLife, which says 45 percent of 65 year olds described themselves as "fully retired." Only 5 percent retired later than planned.

The average caregiver is 49 years old. Cheryl Matheis, senior vice president for policy at AARP, tells Steve Inskeep when a worker has to leave their job to care for a relative, they lose on average $325,000 in lifetime income — from lost wages, Social Security and pensions.

INSKEEP: The Wall Street Journal reports that the nation's second-largest bank is planning about 2,000 layoffs at its investment banking, commercial banking and wealth management units. These cuts are notable because they include high-earning employees in operations that account for most of Bank of America's profits since the financial crisis.

Business

2:37 am

Tue May 1, 2012

In a new report, the employment firm Challenger, Gray and Christmas predicts more jobs for teenagers this summer. While the jobs picture is improving, CEO John Challenger says teen hiring is still several years away from returning to pre-recession levels.

Crisis In The Housing Market

1:05 am

Tue May 1, 2012

While some sections of Arizona's housing market have shown signs of recovery, potential homebuyers who are looking for affordable houses have been frustrated. This file photo from 2008 shows a subdivision extending into desert scrubland.

The real estate market has turned around in some parts of the U.S., but many buyers aren't seeing true bargains anymore. Investors are driving up prices, and inventory is low, especially for homes priced under $250,000. That's not great news for anyone hoping to buy an affordable house to live in.

Arizona is home to one of the nation's extraordinary turnarounds. The Phoenix-area median home price rose 20 percent over the past year — 6 percent in March alone. And Tucson was recently named the nation's best market for investors. But the easy money has already been made.

Electropac, a firm that makes printed circuit boards in New Hampshire, once had 500 paid employees. Today, it has 34. But thanks to a state program for the unemployed, it also now offers unpaid internships.

Across the country, unpaid internships are on the rise for older adults looking to change careers or rebound from layoffs. In New Hampshire, a state-run program encourages the unemployed to take six-week internships at companies with the hope of getting a permanent job.

Walk through any nursing home, and your first thought might be: "I need to take care of Mom myself."

Few people want to turn over a loved one to institutional care. No matter how good the nursing home, it may seem cold and impersonal — and very expensive. But making the choice to provide care yourself is fraught with financial risks and personal sacrifices.

Those who become full-time caregivers often look back and wish they had taken the time to better understand the financial position they would be getting themselves into.

America's big technology companies are negotiating the details of a new privacy system called "Do Not Track," to let people shield their personal data on websites. There's no deal yet, but people inside the talks say the main reason American companies are even considering "Do Not Track" is the pressure they're feeling from Europe.

Business

11:11 am

Mon April 30, 2012

Natural gas pipeline company Energy Transfer Partners is buying Sunoco in a deal valued at about $5.3 billion.

The acquisition would give Energy Transfer the capability to transport crude and other liquid hydrocarbons that are being produced in greater quantities thanks to the boom in shale drilling. Sunoco's pipelines crisscross the country, connecting the Great Lakes and Northeast to America's refining center along the Gulf Coast.

Saying that "of course it will sink if you put a hole in it," Australia's wealthiest business executive today announced he has contracted with a Chinese shipbuilder to construct a replica of the Titanic.

Business

6:01 am

Mon April 30, 2012

Microsoft is committing $300 million to the venture with Barnes & Noble. They are working to create a new subsidiary of the bookseller. The two companies are hoping to energize sales of the Nook tablet.

Business

3:26 am

Mon April 30, 2012

Verizon Wireless announced plans last year to auction off some of its wireless spectrum, if federal regulators signed off on its plan to buy a $3.6 billion chunk of airwaves from cable companies. Public interest advocates say the deal would be bad for consumers. The FCC and Justice Department are reviewing the deal.

Business

3:18 am

Mon April 30, 2012

The International Labor Organization issued a report Monday warning that austerity measures imposed in many countries are hurting the job market, as well as failing to effectively reduce deficits. The major European economies received the brunt of the report's criticism. The report predicts a 3 percent rise in the global unemployment rate for 2012.

Business

8:02 am

Sun April 29, 2012

Let's stay in China now. With its growing population and economic rise, that country has become the world's largest car market. It's a distinction China has held for several years now. And it's an auto market that's becoming increasingly important to American companies. All that is on display at the Beijing Auto Show, which opened this past week. The big emphasis at the show this year is luxury cars with big chrome grilles and also very big price tags.

In his new book, End This Depression Now! Paul Krugman states that the U.S. is in the throes of a depression — not merely an economic crisis. The New York Times columnist and Nobel laureate argues that Keynesian economics got us out of a much worse depression in the 1930s, so if we were to follow Keynesian prescriptions now, we could get out of this one too.

The U.S. economy lost some steam during the first three months of the year. The Commerce Department said Friday that growth slowed to just 2.2 percent, down from 3 percent at the end of last year.

The good news was that the economy continued to grow during the first quarter of the year. But anyone who was waiting for growth to kick into a higher gear was disappointed once again. One reason for that was a slowdown in business investment — companies spent less on new equipment and software even though profits were surprisingly strong.

It's All Politics

1:19 pm

Fri April 27, 2012

The Federal Communications Commission on Friday approved a rule requiring TV stations to post details online about the amount of advertising time political candidates and campaigns buy, as well as how much the stations charge for those ads.

TV stations already are required to keep such public records. But in most cases, the information has been accessible only to those who visit a TV station and physically look through paper files, NPR's Brian Naylor reported.